Merger Mechanics: Who Gets What
Under the deal, NorthWestern shareholders will receive 0.98 Black Hills shares for each of their own, giving them 44% ownership of the combined business. Black Hills shareholders will retain a 56% stake.
Headquarters will remain in Rapid City, South Dakota, with a consolidated management team:
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Brian Bird (NorthWestern CEO) → Chief Executive Officer of the merged company
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Marne Jones (Black Hills SVP & Chief Utility Officer) → Chief Operating Officer
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Crystal Lail (NorthWestern CFO) → Chief Financial Officer
The board will expand to 11 members, six from Black Hills and five from NorthWestern.
Building a Stronger Grid for the Future
Executives on both sides say the merger will unlock synergies through shared systems, streamlined operations, and capital strength to expand energy infrastructure.
“Our merger with Black Hills will create a more resilient platform, enabling us to accelerate grid modernization and support customers through the rapid transformation of the energy sector,” said Brian Bird.
